It’s no secret that I am a huge advocate of planning for the future. Two weeks ago, I talked about the need for a plan to finish your year strong. But today, I’d like to address a topic that requires planning even further ahead: retirement.

We work so hard throughout our careers, and for many, retirement is the reward at the end of our professional journeys. But financial security in retirement is not guaranteed! It requires forethought, savings, and, yes, a plan.

Retirement planning can be especially daunting for entrepreneurs, who may not have access to the types of retirement savings plans (like 401(k) or 403(b)) that larger employers offer. Perhaps you have also put saving for retirement on the back burner as you invested in your small business.

Wherever you are in your professional career, it is always the right time to take a look at your retirement plan and ensure you are taking the right steps for a solid financial future. Here are a few ways to check in on your end-of-career goals.

 

Consider your retirement needs.

The cost of living is not cheap these days, and that does not change when retirement begins. Try to roughly calculate how much money you will need to maintain your standard of living after you stop working; many experts estimate this number to be 70%-90% of your pre-retirement income.

Do not forget the cost of health insurance and medical expenses when looking at your future budget. Tune in to my radio show next week for a conversation with Medicare expert Bonnie Dobbs to learn more about navigating Medicare in 2025 and beyond – and subscribe to my YouTube Channel so you never miss an episode!

 

Do your research.

Now is the time to ask all your questions about retirement income, options for savings, and employer plans. Depending on your personal situation, you may want to talk with your human resources officer, accountant, union representative, pension administrator, and bank.

If you do not have a trusted financial planner, now is a good time to find one. Ask your friends and colleagues who they use for retirement planning and set up a free consultation. Hiring an expert to help you plan ahead can save you so much time, frustration, and money in the future.

You will also want to investigate your Social Security benefits. On average, Social Security retirement benefits replace about 40% of a beneficiary’s pre-retirement income, although this varies depending on a variety of factors like the age you decide to start receiving benefits. The retirement estimator on the Social Security Administration’s website can be a good place to start, or you can call SSA at 1-800-772-1213.

 

Make a plan, and review it annually.

Once you have evaluated your retirement needs and gathered information about your personal options, it is time to sit down and create your retirement plan. Again, a financial planner can be an invaluable asset in this process. How you save can be just as important as how much you save, and a professional will know the ins and outs of managing your personal retirement savings risk.

Whether you use a professional or not, once you start saving for retirement, stay committed to your annual goals. Because retirement can feel far in the distance, you may be tempted to redirect money to another, more immediate expense. But the sooner you start saving, the more time your money has to grow—and the more you will have when it’s time to retire.

Above all else, show commitment to your plan and stick to it! I know, sticking to a plan can be a challenge. But it is truly rewarding when you see the fruits of your labor pay off, and that is as true for retirement savings as it is for fourth quarter plans or annual sales goals.

Are you someone that struggles to wrap their head around a plan? I can help! My Celeste Giordano Consulting clients work with me to hone the skills necessary to confidently plan for both near-term and long-term goals. Contact me today if you are ready to chart your course for success.

 

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Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlus™” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with more than 40 years experience in direct sales and managing high-performing teams.

To learn more about Celeste, click here.

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